Liable


Definition of "Liable"

Cari Lopez
  Keller Wiliams Realty

Legal responsibility for something. For example, an owner of commercial property (e.g., restaurant) is legally obligated for damages on that property (e.g., restaurant patron falls and breaks his leg because of a wet floor).


Search Real Estate Glossary

 

Related Real Estate Glossary terms

Pro Rata Rate

Premium rate charged for a particular time interval which is less than the normal time interval. For ...

Statutory Profit

Total earned premiums minus total expenses and losses paid of the insurance company. ...

Application Fee

A fee that some lenders charge to accept an application. It may or may not cover other costs such as ...

Incidental Malpractice

Medical malpractice that is the legal responsibility of a person or organization not in the medical ...

Insuring Agreement

Section describing coverages under a policy. Elsewhere in the policy other sections may restrict or ...

Actual Cash Value

Cost of replacing damaged or destroyed property with comparable new property, minus depreciation and ...

Related Real Estate FAQ

What Is A Lifetime Rate Cap?

A lifetime rate cap is an adjustable-rate mortgage (ARM), this cap limits the amount the interest ra ...

What Is An Index?

An index is an economic indicator used to set the rate for adjustable-rate mortgages. ...

What Does Fannie Mae Mean?

Fannie Mae is a name used by the Federal National Mortgage Association, which is a government-charte ...

How Do I File An Insurance Claim?

Call your Insurance agent or Insurance Company \"Claims Hotline\" as soon as possible. Getting your ...

What Is A Title Search?

A title search is the process of reviewing court records and other records to ensure that there are ...

What Are Closing Costs?

Closing costs are expenses incurred by buyers and sellers in transferring ownership of a property. ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
Read Reviews

Agents join here
Add our widget on your Website

Real Estate Advice

10 Tips for Homebuyers Home Prices - The Extra Costs Mortgage Loan Types How to become a real estate agent How To Choose A Realtor

FAQ

What is Long Term Care Insurance? What is a broker? What are basis points? How can I protect my Home Office? What is a basic policy?